Australians Say Home Ownership Means Happiness

Most Australians feel that home ownership is important for their overall happiness, providing not only a sense of financial security but also contributing to their emotional wellbeing. Those are the findings of a research report undertaken by the customer-owned Great Southern Bank.

The research contains insights from almost 2,000 Australians on how they’re feeling about their current living situation. It found homeowners are significantly happier with their homes than renters, and the more equity they have in their homes, the happier they feel. Happiness is highest for mortgage-free homeowners, with 57 percent saying they were ‘very happy’ compared to 45 percent of homeowners with a mortgage and 29 percent of long-term renters.

Megan Keleher, Chief Customer Officer at Great Southern Bank, said: “What this report illustrates is the strong link between home ownership and happiness – in fact 7 out of 10 Australians say home ownership is important to their overall happiness,” Ms Keleher said. “Just 5 percent – or one in 20 – say it is not at all important. And perhaps not surprisingly, happiness with our home increases as we get older, and as we move towards becoming mortgage-free.”

The report found that 51 percent of renters are feeling heavily burdened by their financial commitments compared to 36 percent of homeowners. About 84 percent of long-term renters say they are concerned about current cost-of-living pressures compared to 73 percent of homeowners. And 80 percent are worried about housing affordability compared to 62 percent of owners.

Ms Kelaher said 29 percent of renters and 18 percent of long-term renters were still feeling confident that they could achieve their home ownership dreams. One in two renters said they were hopeful of buying a home to live in within the next three years, however saving a deposit is the key barrier.

“Of course, we acknowledge that the homeownership journey can be difficult and one of the biggest challenges faced by first home buyers is saving a deposit,” said Ms Keleher. “For those buyers who are finding it difficult to save a deposit, there is support available from several government initiatives. For instance, the Federal Government Home Guarantee Scheme’s expanded eligibility criteria is helping more first-time buyers, as well as those who haven’t owned a home for many years.”

One in 10 respondents who had previously planned to buy a home are now holding off, saying they feel deterred by rising property prices (60 percent), the cost of living (60 percent) or rising interest rates (45 percent). New CoreLogic data shows the national home value rose by 8.1 percent in 2023. Meantime, interest rates have risen dramatically since May 2022 from an emergency low of 0.1 percent to 4.35 percent today.

The report also asked respondents how satisfied they were with various elements of their homes, such as style and location.

About 72 percent of baby boomers were happy with their home’s location compared to 61 percent of Gen Xers, 58 percent of millennials and 48 percent of Gen Zs. About 62 percent of baby boomers liked the internal look and feel of their homes versus 51 percent of Gen Xers and 48 percent of both millennials and Gen Zs.

It appears many Australians are living in homes that are too big or small for them, with the size of homes recording some of the lowest satisfaction scores. Just 65 percent of baby boomers are happy with the size of their homes compared to 48 percent of Gen Xers, 42 percent of millennials and 40 percent of Gen Zs.

Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.

The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.

Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.

“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.

“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.

“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”

The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.

Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.

“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.

“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”

The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.

Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.

The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.

Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.

Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.

Australians Say Home Ownership Means Happiness

A new report shows 70 percent of Australians feel that owning a home contributes to their personal happiness in life.

Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.